Canara Bank Visa Platinum Credit Card – Benefits, Fees & Eligibility

Introduction

The Canara Bank Visa Platinum Credit Card, issued by Canara Bank, is positioned as an affordable and accessible credit solution, particularly suitable for everyday shoppers and domestic travelers. It operates on the globally accepted Visa network, ensuring wide acceptance and secure transactions. Key differentiating benefits include zero annual, joining, and enrolment fees, a robust rewards program offering points on all PoS and e-commerce transactions, and complimentary domestic airport lounge access. Additionally, the card provides comprehensive insurance benefits, including coverage for fraudulent charges, baggage, purchase protection, and accident coverage.

Fees

• Joining Fee: Nil
• Annual Fee: Nil
• Card Inactivity Fee: ₹200, applicable only if the card turnover during the card year is less than ₹50,000.
• Interest Rate beyond Credit Period: 2.5% per month (Annualized Percentage Rate 30%) of the outstanding amount for unsecured credit cards.
• Foreign Currency Markup: 3% of the transaction amount on Forex Transactions.
• Cash Advance Charges: 3% of the transaction amount, subject to a minimum of ₹150 per transaction at Canara Bank ATMs, plus finance charges from the date of withdrawal until the date of payment.
• Fuel Surcharge: 1% of transaction value with a minimum fee of ₹10 + applicable taxes. A maximum of ₹100 per billing month would be reimbursed if the card has been used for a minimum amount of ₹2500 for purchase transactions during the billing month, and the minimum purchase of petrol & petroleum products per occasion is ₹400.
• EMI Processing Fee: 2% of the transaction amount, with a minimum of ₹100 and a maximum of ₹200.
• Rate of Interest on EMI: 13% p.a. for EMI periods of 3, 6, and 9 months, and 14% p.a. for EMI periods of 12, 18, and 24 months.
• EMI Pre-Closure Penal Charges: 2% of the outstanding principal.
• Card Replacement Fee: ₹300 per card (applicable for both primary and add-on cards).
• Duplicate Statement: ₹10 per page.
• Cheque Dishonor Charges or Unsuccessful Payment Instructions: ₹50.
• Surcharges on Railway Tickets:
  • Railway Counters: ₹30 + 2.5% of transaction amount.
  • www.irctc.co.in: 1% of transaction amount + all applicable taxes.
• Copy of Charge Slip:
  • Domestic: ₹100
  • International: US $10 or equivalent
• Original Charge Slip:
  • If processed by Canara Bank: USD 2.00 (approximate rupee equivalent charged).
  • If procured from other Bank: USD 6.00 (approximate rupee equivalent charged).
• Collection Charges for Outstation Cheques: ₹100 per instrument + other bank charges, if any.
• Charges in respect of notices/reminders sent to cardholders having overdues: ₹50 per notice.
• Services Charges for Delayed Payment beyond Due Date (for Revolver and Non-revolver): Late payment fee of ₹250 + GST will be charged, in addition to existing service charges (2.5% p.m. i.e. 30% per Annum) on the carried over balance.
• Spend-Based Waiver: Not applicable.
• Rewards Redemption Fee: Not applicable.
• All the above listed charges exclude GST, and 18% GST will be charged extra.

Rewards

• Reward Points: Earn 2 Reward Points for every ₹100 spent on Point of Sale (PoS) and E-Commerce transactions.
• Domestic Lounge Access: Receive 2 complimentary domestic airport lounge accesses per quarter for self.
• International Lounge Access: Not applicable.
• Golf Benefits: Not applicable.
• Insurance Benefits:
  • Fraudulent Charge Cover: Up to ₹5,00,000.
  • Baggage Insurance: Up to ₹25,000 for losses or damages.
  • Purchase Protection Cover: Up to ₹25,000 for items bought with the card.
  • Air Accident Cover: ₹8.00 lakhs for the primary cardholder and ₹4.00 lakhs for the spouse.
  • Other Accident Cover (Non-Air Accident): ₹4.00 lakhs for the primary cardholder and ₹2.00 lakhs for the spouse.
• EMI Conversion: Easy EMI conversion available through the Canara ai1 app.
• Other Offers: Seasonal offers are available on Canara Cards.

Rewards Redemption Guide

• Reward Points can be redeemed for cashback or goods purchase.
• Redemption can be done through the CanaraRewardz website (www.canararewardz.com).
• The value of 1 Reward Point (RP) is equivalent to ₹0.25.

Card Eligibility Criteria

• Age: Applicant must be 21 years or older.
• Residency: Must be a resident of India.
• Income:
  • Individuals must have an independent income with a minimum of ₹3 Lakh gross per annum.
  • For staff members, the minimum net take-home salary should be at least ₹4,000 per month.
• Credit History: A decent credit history is required to qualify for the card.
• Documents Required: Necessary documents to support the application, such as proof of identity and proof of income.

Card Review

The Canara Bank Visa Platinum Credit Card is an appealing and affordable option, especially for individuals seeking a credit card with no joining or renewal fees. It is well-suited for middle-class individuals, frequent shoppers, and domestic travelers who can benefit from its core features.

Pros:

• Zero joining and annual fees make it highly affordable.
• Provides valuable insurance coverage for peace of mind, including fraudulent charge cover, baggage insurance, purchase protection, and accident coverage.
• Offers complimentary domestic airport lounge access twice every quarter, which is beneficial for travelers.
• Rewards program allows earning points on all PoS and e-commerce transactions.

Cons:

• The card offers limited benefits beyond airport lounge access and insurance, lacking specific perks for categories like movies or dining.
• There is no spend-based waiver for fees.

Overall Verdict: This card is a good fit for those who prioritize low fees and appreciate the included insurance benefits and domestic lounge access. Before applying, potential cardholders should assess their spending habits to ensure the card's benefits align with their needs.

Important Product Details

• Interest-Free Credit Period: Up to 50 days until the next Payment Due Date.
• EMI Conversion: Easy EMI Conversion available through the Canara ai1 app.
• Transaction Types: All transactions are allowed, including ATM Cash Withdrawal, Point of Sale (PoS), and E-Commerce. Transaction types can be enabled/disabled or limits can be set through net banking, mobile banking, or by visiting the base branch.
• Acceptance: Domestic & International Acceptance. International/Global usage can be activated through net banking, mobile banking, or by visiting the base branch.
• Maximum Credit Limit Per Month: ₹50,00,000.
• Cash-Withdrawal Limit: 50% of the Credit Limit or ₹50,000, whichever is lower.
• Reward Points: Earn 2 Points per every ₹100 spent on PoS/E-Commerce.
• Complimentary Airport Lounge Access: 2 per quarter for self at selected domestic lounges.
• Expected Minimum Annual Turnover on Card: ₹50,000.
• Fraudulent Charge Cover: Up to ₹5,00,000.
• Baggage Insurance: Up to ₹25,000.
• Purchase Protection Cover: Up to ₹25,000.
• Accident Cover (Air Accident): ₹8.00 lakhs for self, ₹4.00 lakhs for spouse.
• Accident Cover (Other than Air Accident): ₹4.00 lakhs for self, ₹2.00 lakhs for spouse.
• Fuel Surcharge Waiver: 1% fuel surcharge waiver of up to ₹100 on fuel transactions, subject to conditions.
• No Spend-Based Waiver: This card does not offer a spend-based waiver for fees.

Other Details

• All listed charges exclude GST, and 18% GST will be charged extra.
• Any other out-of-pocket expenses incurred for services rendered will be collected in addition to the mentioned fees/charges.
• All fees and charges are subject to change at the discretion of Canara Bank.
• Changes in fees/charges and their effective dates will be communicated through bills, MITC, the Bank's website, SMS, or emails.
• Intimation regarding any modifications in fees/charges will be sent to customers via SMS or emails.
• A bill/statement will only be generated when there is a billable transaction for the billing month.
• Application forms for the credit card are available in English and Hindi.
• General Terms & Conditions and other legal policies are available for review on the bank's website.